Retail chain Shanton Fashions is looking to trade itself out of financial difficulty after placing itself into voluntary administration yesterday, but some stores may close.
The chain of 37 shops employs 240 people nationally, 10 in Hastings and Napier.
Branches would continue to trade and staff would be paid, but gift vouchers and layby purchases would be processed by the administrator. Bryan Williams, of BWA Insolvency, said the move was in response to the withdrawal of Shanton's credit facilities and a demand for immediate repayment.
"Despite the company having its liquidity greatly reduced, the directors are still of the view that the business can continue and the brand survive," he said.
"They are highly motivated to achieve this outcome, which is why they have elected voluntary administration (VA).